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1.1¢ clara resources australia ltd

Ann: Trading Halt, page-58

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Davisite

19,093 Posts.

5895

10/04/19

11:53

Post #: 38076679
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Originally posted by mikesz ↑

Blister. It's only $1.1m so it's working capital. We know it will required approx $5m for capex to develop Taronga (they stated as much in the new company profile)

So this must be to tie us over for the immediate future and drilling campaigns. Add to it any sales, waste rock deal etc and it reads to me like they are looking to accelerate things but for some reason there is a gap in time between tin sales and getting enough cash to run the shop.

This would have easily been avoided if management was competent with getting G2 up and running earlier. They weren't so now we have to take this pain and move on.

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This is what the term sheet suggests is the use of funds.

Taronga Stage 1 development approved – trial mine (340kt) with on-site modular plant to produce saleable concentrate, with funds raised directed to mine establishment and initial mining and ore reconciliation

Further exploration at Mt Cobalt / Pembroke

General working capital purposes

I was offered this deal and while cheap, I am not exactly impressed with ANW management to date.
ANW Price at posting: 1.4¢ Sentiment: None Disclosure: Not Held
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